I guess I have to repeat that I've only been collecting for about a year. When I first got into it I dreamed about having all the St Gauden's double eagles, (ha ha). When I came down to reality I decided to look at the red book to focus on what coin(s) I might pursue with sincerity. As I began to read more about the really rare coins, I got pretty upset that the most valuable coins seemed to be the result of "inside jobs". It seemed like a scam to me because there is no way a person would have **ever** found these in his pocket change. These include the 1894s barber dime, the 1933 St. Gaudens and the 1913 Liberty Head nickel. But the more I seek out coins and view offers, a thing that is truly rubbing me wrong is the grading services and the way they are pricing coins. I understand the need for a grading service to weed out counterfeits and give a buyer an assurance of what they are buying. But the way they price many coins makes me suspicious of them. The latest that has set me off is some auctions for silver proof dimes circa 92 - 2010. The idea that one of these coins even at pf70 could be worth $300.00 or more just truly brings out the cynic in me. I don't know... maybe in a few years I might come to a different understanding of this. But, at the moment I just can't believe there have been enough of these coins graded to be able to establish a value like that. I don't mean to pooh-pooh coin collecting; it's way too interesting an activity. But, I would like to hear what the big disappointments of others were/are.
It really has nothing to do with the grading companys. They do nothing more than give their opinion on the grade. It is more what the market "us" are willing to pay for it. I personally wouldn't pay 300. for it but I'm sure there are those out there who will. Yes I feel your pain, there are a few coins out there I really want but it's unlikely I'll ever actually own them. Don't let it discourage you though, there are PLENTY of really great coins out there just waiting to get scooped up!
I love to metal detect and I know people who have dug up some very old coins. The earth is full of treasures to be found and maybe valuable coins, gold ect...
Like merlin said, grading companies don't assign any value to any coins. They simply assign grades. The market assigns value. Even the PCGS price charts are based on auction and retail prices paid. I think the problem you may be having is trying to keep up with whats popular right now, which means bigger prices for coins that may otherwise normally bring fractions of today's prices. More importantly, there is never a set price for any coin. If you want a particular pice but think the price is too much, have patience and you'll be able to get it at a better price eventually, unless you have your heart set on an ultra rare coin, like the 1913 LH nickel you mentioned. Guy
So far there have been no real large disappointments, but my expectations were to pursue coins as a hobby. Some small disappointments have been that the best coins in my area are traded among dealers, who are also collectors. That some dealers want to further my education in a negative sort of way (a common bust half in fine for 320$ no thanks) also that many dealers would rather sell junk silver and gold for 5 to 10% back of spot to a refiner than sell to me at spot. Why?
I did not read your entire post. first things first , the grading companies do not set prices . The market ( you and I ) set market values and trends.
I picked up a few 2010 PF70's for under 30 bucks, but I've also seen folks go goo-goo-for-ga-ga for the same coin and pay over 300 bucks. Case an point I paid 7 bucks for a 2010 PF69 shield penny on Ebay, and others bank 300 bucks for a shield penny -A SHIELD PENNY in PF70. I scratch my head and can only guess these people or either impatient or have way to much money? I'll maybe go 20 bucks of a PF70 Shield - and you watch I get it some time this year!
It's called a Pcgs/Ngc Registry where to be on the top you have to pay the $ to get there! So after the registry fever settles down the price settles down.Unless of course there are limited numbers in the PF 70's or high Ms grades
After nearly forty years I'm still cynical about things like that. But you miss one thing, the value is that high BECAUSE they haven't graded enough of them yet. The more of them that get the magic PF70 grade the more the price will come down. It's just like when a new issue commem comes out. The first people to get their hands on them flip them for high prices to th people who have no patience. Then later they become common as dirt and no one want them at much over bullion. The people who get them early and flip them win, those who buy them and flip quickly many win, and those who buy them at th high initial prices and hold as an "investment" lose. Can you say ATB hockey pucks? And if gold hadn't gone crazy you could say the same thing about the early first spouse coins. today the mintage figures are a seventh that of the early issues and they are still not much better than bullion. The early issues which initially sold out instantly and flipped at a high markup over the mint price now are bullion.
In my oppinion circulated coins are "better" to collect becuase you never know who has held that same coin in their hand or where that coin has been. Although, I do understand that having a perfect example of something (especially a coin that was meant for circulation) should demand a premium because there just aren't enough out there. just my $.02
Another perspective on value vs grade some people think a MS69 or MS70 or even PR70 Coins are going to be worth more and as i have always said 1oz of silver is 1oz of Silver the grade is really not relevant!
I don't think a few years time will change your perspective. If anything, I suspect it will grow stronger. It has for me at least.
I know most people here are fixated on collecting American coins, but it seems many of the upsets, disappointments, scams and controversies surround this narrow (albeit hugely popular) focus of numismatics. If you're sick of it all, I recommend trying something different. Coins have been minted for thousands of years by thousands of nations, governments and political entities. There's so much variety to collect, you can focus on ANYTHING. I, for one, couldn't conceive of paying anywhere near $300 for a coin minted in the last decade (or century for that matter) when the same money could buy me something stunning from the B.C. era or a handful of lesser, but still excellent coins, from the 3rd or 4th centuries. And if you want to stay in the modern era, I never hear the same complaints from people collecting (oh, let's say) Euros. In fact, I never hear from anybody collecting Euros because they're all too busy trying to fill gaps in their run of Morgans. Everyone has their own area of interest, but I've always had difficulty identifying with fellow collectors who seem to only be interesting in coins sonically sealed in plastic that have never seen a day in circulation and have never been used for the purpose they were supposedly created for. There's so much more out there. Browse and see for yourself. Something new might strike your fancy.
